Ethereum is exhibiting revitalized potency, comfortably surpassing the $2,600 benchmark and maintaining a strong position above crucial support levels. This comes as bulls aim to regain control following weeks of stagnated price movement. While the breakout effort has created a buzz, traders are keenly awaiting a decisive surge above the next resistance zone for confirmation.
Despite widespread market turbulence, Ethereum has remained resilient. With the baton back in the hands of buyers, the focus has shifted to whether Ethereum can puncture the upper threshold of its current range and trigger a steady upward trajectory. Without continuation, the price could fall back into a consolidation phase, thwarting bullish aspirations.
Noted analyst Big Cheds recently presented a technical analysis indicating that Ethereum is now moving into the highs of its weekly range. This range is defined by an accumulation of upper shadows and the lower edge of the 200-day moving average (DMA), a region that has recurrently served as a resistance point, repelling previous rally attempts.
Ethereum Bulls Seek Confirmation of Breakout
Ethereum finds itself at a significant crossroads as bulls steer the price towards the $2,800 resistance — a level that needs to be definitively surpassed to validate a breakout and inaugurate a fully bullish cycle. Following a steep rebound from April’s lows, where Ethereum was trading close to $1,400, the asset has soared over 90%, reclaiming key moving averages and breaking past previous short-term resistance levels. Momentum is noticeably increasing, but Ethereum now stands before its most crucial challenge.
The $2,800 mark delineates the summit of the current range and aligns with multiple technical barriers. Cheds underscored that Ethereum is now trading into the highs of its weekly range, a region repeatedly repelling price attempts. This area also coincides with the lower edge of the 200-day moving average (DMA), solidifying its status as a significant resistance zone. As per Cheds, the bearish outlook is dismissed if Ethereum can convert $2,750 into support — a move likely to signal a trend reversal and sustained upside.
Nonetheless, macroeconomic risks persist. US Treasury yields keep climbing, mirroring concerns over inflation and tighter financial conditions. Rising yields often weigh on risk assets, including cryptocurrencies, by draining liquidity from speculative markets.
Despite these obstacles, Ethereum’s structure remains robust. As long as bulls sustain pressure and uphold higher lows, the likelihood of reclaiming $3,000 increases. A confirmed breakout above $2,800 would likely incite increased participation from both technical traders and investors disheartened by recent volatility. Until that point, Ethereum remains rangebound — though the momentum is clearly swinging in favor of the bulls.
Ethereum Encounters Major Resistance Zone After Breakout
Ethereum is presently trading at $2,688 on the 4-hour chart, after a potent breakout from a multi-day ascending triangle structure. This move was supported by rising volume and a clear recapture of all major moving averages — the 50 SMA ($2,558), 100 SMA ($2,571), and 200 SMA ($2,535) — which now serve as support below the price.
Ethereum has launched directly into a crucial resistance zone between $2,690 and $2,735, marked by several previous rejection wicks. This area has functioned as a supply zone since mid-May, capping every breakout attempt and inducing swift pullbacks. The current test represents Ethereum’s fifth attempt to break above this level in recent weeks, which amplifies the chance of a potential breakout, especially if bulls preserve momentum and volume stays high.
However, if Ethereum cannot breach this zone, a pullback towards the 200 SMA or the $2,600 level is probable, particularly if volume begins to wane. The structure is bullish in the short term, with higher lows forming and buying pressure escalating.
A confirmed 4H close above $2,735 would signal breakout confirmation and likely spark a push towards $2,900–$3,000. Until then, Ethereum remains rangebound — but bulls are palpably knocking on the door.
